Liberty Mutual Lambastes $450M AIG Insurance Pool Deal

Law360, New York (April 29, 2011, 7:17 PM EDT) -- Two Liberty Mutual Group units filed opposition papers Thursday to a proposed $450 million settlement that American International Group Inc. reached in an Illinois class action over underreported workers' compensation premiums.

The proposed settlement between AIG and seven intervening insurers is in their self-interest, but it is the byproduct of an improper "reverse auction" and is grossly unfair to the class of over 500 insurance companies, according to a memorandum filed in Illinois federal court by Liberty Mutual's Ohio Casualty Insurance Co. and Safeco Insurance Co....
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